Japan is a huge, sophisticated medical market that can provide great opportunities for your company’s medical product. However, achieving success in the complex Japanese market requires excellent market research to determine the demand for your product and potential opportunities for growth.
Important Considerations for Gathering Competitive Intelligence in the Japanese Medical Market:
- Opinions of Key Opinion Leaders (KOLs)
In Japan, many patients deeply trust the recommendations of their medical providers. If doctors and other KOLs in Japan are not supportive of using your product, then your medical device or drug may not sell in Japan. Strong market research can help you gauge how physicians in Japan will respond to your product.
- Reimbursement Status
Product reimbursement is usually necessary for a company to successfully enter Japan’s medical market. Do you know if your medical product will be able to be listed for reimbursement? Investigating the requirements to obtain reimbursement status is an essential step for market research in Japan.
- Demand and Marketing Strategy
When deciding on entering a new market, it is crucial that you understand the needs, habits, and health conditions of the community. For example, Japan’s aging population makes it a hot spot for respiratory devices. From there, you can segment the population and target specific segments that will benefit specifically from your product. Medical products that are successful in the U.S. or Europe will not necessarily be in high demand in Japan’s market. In some cases, Western devices and drugs will need to be marketed differently. Conducting comprehensive research is a key tool in being able to segment your market, cater to their specific needs, and ultimately become profitable.
Figuring out how to enter new markets or expand outside of current ones can be a daunting task without the right know-how. Pacific Bridge Medical’s consultants are here to help you read into the current status of the market, detect opportunities, and speak to local experts. By following these steps, we can gather comprehensive competitive intelligence:
- Create a strategy: After identifying your needs and investigating the competitive landscape, we will work with you to draft the most appropriate set of questions to interview KOLs such as hospital personnel, doctors, etc.
- Accurately translate surveys and questions: We translate all necessary materials to and from Japanese and ensure that no nuances are inaccurately conveyed due to language barriers.
- Reach out to local resources: Past experience in Japan allows us to recognize healthcare-related market issues that need to be examined. In addition to surveys and interviews with KOLs, we look into such issues by gathering information from official Japanese organizations such as Japan’s Pharmaceuticals and Medical Devices Agency (PMDA) or the Ministry of Health, Labour and Welfare (MHLW).
- Provide recommendations: After the research, we thoroughly collect and analyze the data before preparing a clear and detailed report with our recommendations. Statistics and other Japan health market indicators help us develop an accurate picture of the market for you.
To get a better idea of how we can help your company gain competitive intelligence in Japan, contact us today!
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